Being an American overseas has become a liability

[barryqwalsh]

and not just because it’s difficult to open or keep a bank account. Americans are now often seen as toxic....American leadership overseas, from volunteer organizations to the business world, has diminished. No one wants an American involved when their citizenship attracts a maze of rules, regulations, potential fines and criminal penalties...The best solution is for the U.S. to join the rest of the world in taxing based on residency rather than citizenship...Doing so would advance American fairness, mobility and economic competitiveness, in addition to protecting the country’s most valuable global asset: its people.



Republicans Abroad

 

[barryqwalsh]

Becoming An Ex-American

According to the Star Spangled Banner, the United States is the land of the free and the home of the brave. So how come the number of Americans renouncing their citizenship is hitting new heights?

More than three thousand people have given up their US nationality so far this year. That's caused such a backlog that the fee for doing so has been hiked from 450 dollars to more than two thousand dollars.

One reason so many people are bidding farewell to Uncle Sam is tax.

The Foreign Account Tax Compliance Act, better known as FATCA, is a law which demands US citizens file tax returns to the US. Even if they live, say, in a country like France, as the BBC's Russell Newlove has been discovering in Paris.


Audio
Becoming An Ex-American, World Business Report - BBC World Service

 

[Unkotare]

Anyone who wants to renounce (like bripat has) is more than welcome to do so. Anyone considering it shouldn't be a citizen anyway.

 

[barryqwalsh]

Anyone who wants to renounce (like bripat has) is more than welcome to do so. Anyone considering it shouldn't be a citizen anyway.

According to the report above, banks overseas, in this case France, are reluctant to open accounts for Americans, because of the Foreign Account Tax Compliance Act, better known as FATCA.

 

[Two Thumbs]

well you can thank liberalism for that


the papers used to be filled with ads for Americans to take jobs, really good paying tax free jobs, overseas. I haven't seen one in years.

taxing an income that was earned while in and living in another country is just fucked.

 

[barryqwalsh]

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

It's an attempt by the US authorities to recover an estimated $100bn a year in unpaid taxes on US citizens' assets overseas. Unlike other countries, Americans are taxed not only as residents of the US but also as citizens, wherever they live.

Why are Americans giving up their citizenship? - BBC News

 

[barryqwalsh]

"Some people are spending $4,000-$5,000 a year to do their tax return only to find out they don't owe anything to the US."

Why are Americans giving up their citizenship? - BBC News

 

[RUNVS]

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

It's an attempt by the US authorities to recover an estimated $100bn a year in unpaid taxes on US citizens' assets overseas. Unlike other countries, Americans are taxed not only as residents of the US but also as citizens, wherever they live.

Why are Americans giving up their citizenship? - BBC News

An American law can't force a non American financial institution to do anything.

 

[Two Thumbs]

A new law called the Foreign Accounts Tax Compliance Act (Fatca) will, from 1 July next year, require all financial institutions around the world to report directly to the US Internal Revenue Service (IRS) all the assets and incomes of any US citizens with $50,000 (£31,000) on their books. The US could withhold 30% of dividends and interest payments due to the banks that don't comply.

It's an attempt by the US authorities to recover an estimated $100bn a year in unpaid taxes on US citizens' assets overseas. Unlike other countries, Americans are taxed not only as residents of the US but also as citizens, wherever they live.

Why are Americans giving up their citizenship? - BBC News

An American law can't force a non American financial institution to do anything.

read that part again.

it's not force, but it is coercion.

aside from that, just how much are out people making if they 'owe' $100billion in taxes...

 

[SuperDemocrat]

and not just because it’s difficult to open or keep a bank account. Americans are now often seen as toxic....American leadership overseas, from volunteer organizations to the business world, has diminished. No one wants an American involved when their citizenship attracts a maze of rules, regulations, potential fines and criminal penalties...The best solution is for the U.S. to join the rest of the world in taxing based on residency rather than citizenship...Doing so would advance American fairness, mobility and economic competitiveness, in addition to protecting the country’s most valuable global asset: its people.



Republicans Abroad

That is not a bad idea. If you are within the borders of a country then you are taxed. This way if I move to canada I won't have to pay an income tax. I have no problem with this.